MOEW frenzy: trader makes $2M one hour after the Bitget memecoin debut

Bitget, one of the prominent crypto exchanges, recently made headlines with the launch of its memecoin, Donotfomoew (MOEW). The token, issued on the Base network, defied expectations by skyrocketing in value by over 14,000% within hours of its release.

With a market cap of $31 million and trading volume exceeding $34 million, MOEW quickly gained traction among traders.

What is MOEW?

According to the Bitget Wallet team, which is the team behind the MOEW meme coin, they launched MOEW for fun.

The token was to be airdropped to users who had made losses in the meme market.

Those who have participated in the $BWB airdrop and hold 500 BWB points in the next 5 days would also qualify for $MOEW airdrops scheduled to take place in the next 5 days.

Despite initial intentions for fun, MOEW’s surge highlights the potent influence of memes in the crypto market.

Interestingly crypto players are acquiring the new memecoin despite the Bitget Wallet team asking users not to buy the token. In a post on X, the team said: “$MOEW is available for trading, but hey, don’t buy it. Don’t FOMO, don’t ape. This is just an experiment. Let us cook…”

Trader makes $2M out of $13k in one hour

In a stunning turn of events, a crypto trader capitalized on MOEW’s rapid ascent, turning a $13,000 investment into a staggering $2 million within just one hour.

Leveraging the volatility of the memecoin market, the trader strategically bought and sold MOEW tokens, showcasing the lucrative opportunities available in meme-driven assets.

This extraordinary gain underscores the speculative nature of meme coins and the potential rewards for savvy traders.

MOEW price rally

At press time, MOEW continued its upward trajectory, trading at $0.00308, marking a remarkable increase of 9999.99% within 24 hours.

MOEW/USD price chart

Despite experiencing a slight pullback in recent hours, the token’s resilience and explosive growth demonstrate the fervour surrounding memecoins in the current crypto landscape.

With thousands of individual wallets rushing to stock up the new MOEW token, according to the information on basescan, and trading volumes surging, the meme coin phenomenon shows no signs of slowing down.

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